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EMPIRICAL ANALYSIS OF CAPITAL STRUCTURE DETERMINANTS OF SMES-A CASE STUDY OF THE NIGERIAN OIL AND GAS SMES SECTOR
ABSTRACT
This work is an empirical analysis of capital structure determinants of smes-a case study of the Nigerian oil and gas smes sector. The capital structure decision of an sme is very paramount to its successful operation. The objective of the study was to analyse the impact of capital structure on oil and gas smes performance in Nigeria
It iswith reference to selected small and medium enterprises in Nigeria oil and gas sector. Questionnaires and interviews were used to collect information from the selected oil and gas companies in Enugu and Imo state. Analysis and observations were made which gave rise to the validity of the conclusion at the end of the analysis, the major finding were: 1. That these is a strong relationship between capital structure and cost of capital. 2. That capital structure have significant effect on business performance (in terms of profitability) 3. That there is a high cost of capital which hinders the smes borrowing ability. The recommendations for the study among others were: 1. That oil and gas smes should increase their efficiency in use of debt capital. 2. That since cost of borrowing is so high, if an sme should be able to service fixed charges associated with senior securities and leasing, it can borrow. 3. That for improved performance mostly on profitability, the optimum combination of fund from varying sources which is superior to any alternative combination is necessary. The researchers then concludes that: 1. The inability of many companies to adopt optimal capital structure has been increasing their cost of capital. 2. Due to increase in the cost of capital for many smes, they were unable to borrow in order to meet up their capital investment hence the decrease in their performance mostly on profitability. 3. The optimal capital structure is one in which the marginal real cost (the sum of both explicit and the implicit costs) of each available method of financing is the same.
The study found that a negative relationship exists between leverage and smes performance and the study established that a positive a relationship exists between three of the explanatory variables (firm’s size, tax and lagged return of asset) and firm performance.
TABLE OF CONTENT:
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Research Problem
1.3 Objectives of the Study
1.4 Significance of the Study
1.5 Research Questions
1.6 Research Hypothesis
1.7 Conceptual and Operational Definition
1.8 Assumptions
1.9 Limitations of the Study
CHAPTER TWO
LITERATURE REVIEW
2.1 Sources of Literature
2.2 The Review
2.3 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Research Method
3.2 Research Design
3.3 Research Sample
3.4 Measuring Instrument
3.5 Data Collection
3.6 Data Analysis
3.7 Expected Result
CHAPTER FOUR
DATA ANALYSIS AND RESULTS
4.1 Data Analysis
4.2 Results
4.3 Discussion
CHAPTER FIVE
SUMMARY AND RECOMMENDATIONS
5.1 Summary
5.2 Recommendations for Further Study
Bibliography
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